Analysis of the Marketing Survey Conducted for AAA-Events Limited - Research Paper Example

Marketing Survey Report Introduction According to Houtkoop-Steenstra (2000), survey interviewing is an important source of data. Likewise this author says that the state of survey through flexible interviewing is reliant on standardization. Standardization is important to get more reliable data. This consequently would generate sound synthesis, conclusion and recommendation. This will be the basic principle that will be adopted in the conduct of a marketing survey for the AAA-Events Limited. This is a weddings and private parties company planning to open their office in the Ealing Area, South Ealing Road, London. The feasibility of putting up a market outlet in this populated are will be determined. After the completion of the survey and analysis, the result of this survey will be a very crucial component of the marketing study that this company is conducting. After thorough analysis, generalizations about the population based on the sample will be conducted. If this survey for AAA-Events limited turned out to be successful, the survey method adopted in this case will be proven to be a powerful tool to determine the market needs in the Ealing Area of London. The process of marketing the product or service can be also determined by the survey method. Based on the feedback from the respondents, ample information can be gathered with regards to how to market the products and services. This survey will help in learning more about the target market. Their preferences are crucial in coming up with the more appropriate products or services that these target market needs. It will be difficult for firms like the AAA-Events Limited to differentiate their products and services on the basis of functional attributes alone. In this sense, they can simply get insights from the promotional strategies of identical product and service and take advantage of its value. This has resulted to products and services that have become functionally more similar to each other (Phau and Lau, 2000). Consequently, products and services that are only based on the functional attributes have met critical limitations. Analysis of the Marketing Survey Conducted for the AAA-Events Limited To conduct a marketing survey for the AAA-Events Unlimited, the current situation in the market on the industry status of private party services and products was analyzed. To determine this, the most logical way employed is through the examination on the perception of the customers on private party company as a result of the promotional efforts of companies under this industry sector. The survey questionnaire for this purpose was designed to obtain data and information which can be used to compare and analyze the respondents’ needs and expectations. The design of the survey questionnaire takes into consideration some theoretical as well as methodological challenges for our cognitive research. The methodologies employed in drafting the survey questionnaire include avoidance of sexist bias. Modern researches of today are conscious of this. This study determines the promotional tactics that influence their choice(s). Before drafting the marketing survey questionnaire, extensive research has to be made on the usual or common private party material needs of the people. Research on the promotional tactics that are usually influencing the choice of private party materials should also be conducted to determine the variables that will be tested in the experimentation through a survey method. In the drafting of the survey questionnaire, a variety of techniques were used. These techniques are the closed questioning as well as the multiple choices. Scale such as ranking was also used. The close-ended questioning was adopted since this provides a predetermined set of answers (based on the result of extensive research from the literature and other sources) from which the subjects can choose from. One of the choices is others (please specify) to allow freedom of choice if their answer is not included in the choices. In this case, two friends were asked to assist in the facilitation of the survey interview process with twenty respondents. Result of the survey revealed that more people are seeking now the assistance of private party company in helping the customers on their party needs requirement. The figure below illustrates how the customers get information whenever they need the assistance of private party companies. Results of the analysis revealed that most of the respondents get information through Internet Search Engines. This was followed by recommendation from friends which got the more number of customers seeking information from friends for their party needs. This was closely followed by magazines that features events organizers. Figure 1. Bar Graph Showing Where the Clients Look When They Need an Events Company Result showed that 51% of the respondents hire events organizer. In getting information on where to avail the services of private party company, the customers would likely use the Internet Search Engine to look for an event company. The probability that these results hold true the majority of the population will still have to be verified for reliability and validity. With regards to the perceived quality of services and products of event companies, there are several dimensions to the perceived quality by the customer, which are the following (Kotler, et al., 2000): Figure 2.3. The Value of Perceived Quality However, it is not sufficient to understand consumers’ perceptions and behaviour using functional attributes alone. Even focusing on the beyond product attributes, such as symbolic or emotional benefits will not be enough. Hence, there is really a need to struggle more in the promotional aspect in order to come up with the desired outcomes in the stiff market competition. Other interesting revelations are shown in Annex 2 which illustrates the other results of the analysis. These results showed the increasing interest in private party companies handling special events. Seventy-five per cent of the respondents are already aware of private party companies in the Ealing Area of London. This will be a welcome news to the AAA-Events Limited since it seems that the awareness level is already high in this targeted market area. Fifty-five per cent of the respondents have good first-impressions with the company. The quality of the company that received the highest regard is in terms of professional management which scored 95% of satisfied clients. Impression with regards to the company’ office facilities are high also (70%). Even the company website design receives good feedback of 75%. But the biggest revelations are that 100 % of the respondents are impressed with the glossy or professional advertisements. Cultural tradition concepts of the company are also well-praised as shown by the 100% satisfaction of the customers. On the other hand, results of the analysis show important socio-demographic profile of the customers. The private party companies have a relatively young market between the ages of twenty-six to thirty six years of age. The majority of the respondents are female (52%) and full-time workers (84.2%). This is interesting to note since young, feminine and full-time workers are heavy spenders of this type of product or service. These type of market segments would usually avail of events organizing services as a result of their needs and wants. These market segments dominate the current market. The modern market today have high regard with valuable products and services being provided by a number smart corporations with the physical product being secondary to the imagery surrounding it (Wong and Teas, 2001). Analysis of the Survey Methodology A. The Survey Samples In the first test, after the questionnaire had been prepared, respondents were chosen at random. Random sampling is done so that sampling error can be estimated. It is important to majority of respondents that the interview process is simple and fast, that will take at most five minutes of their time. It will be impractical to get hold of all the units of the population. This is due to the inaccessibility of the population, limitations of time, personnel or funds. Choosing the survey samples is important. From these samples, ample amount of data can be gathered. In data gathering such as in the survey method, decisions made during the design of data collection instrument influence the kind of data and the format of the data available for analysis (Kalton, 2006). B. Timing and Implementation of Survey The survey will be carried out on March 18, 2007, Sunday and the next ten customers on March 26, Monday. This was intentionally scheduled as that to get ample amount of data on the needs and expectations of the customers. The rounds of the interview will be done twice, one on a Sunday, and another one on a Monday. The timing should be good in order for the interviewee to efficiently give the right feedback. This was the reason why we resorted to drawing a small part of the population. In this case, the surveyor made sure that the systems for conducting research are very much well planned. From these samples, we analyzed the sample estimates of the population parameters. From the analysis conducted above, several conclusions and recommendations were drawn. These conclusions and recommendations are discussed in the next part of this marketing survey report. In this case, survey method was selected since it is the most practical way of conducting a marketing survey. Leedy (2001) mentions one innovative way of conducting survey via the Internet. This can be a challenging endeavour. Sampling using has the advantages of sampling which are accessibility, lower cost, lower manpower requirements and quick gathering of the needed information and inputs. According to Fowler (2002), timing is important in survey research methods. The appropriate time to collect data should be established. Timing will be proven beneficial to come up with good data suitable for analysis. The analysis of the survey data will contribute in evaluating how each aspect of a survey can affect its precision, accuracy, and creditability. C. Classification of Consumers Customers from all market segments were considered. The first ten customers on each of the two days conduct of survey were interviewed irregardless of the market segments that they are part of. Based on the results of the analysis, each market segment responded differently. For instance, the choices of the younger market segment differ from that of the older market segment. Female buyers buy more private party materials than male buyers. The modern consumers are continuously evolving. They are developing awareness that relates to a product or service which first comes to mind when a consumer is confronted with the name of a product class (Schiffman and Kanuk, 2000). It is almost the highest level of awareness. This dominance of a product or service would be the ultimate level of awareness which is a sole source provider delivering greatest loyalty to product or service (Lam, 2003). Conclusions The survey questionnaire was designed online. It was put it in the survey online using respondents that are provided with information. This questionnaire was then printed and a one-on-one survey was conducted in the Ealing Area, South Ealing Road, London since that is the area where the feasibility for the AAA Events Limited, a traditional weddings and private parties company, to put up business establishment in this area. The survey sample considered here is small. The danger with using small samples is in terms of error. It is possible that the result of the data and information generated from the twenty samples are not sufficient. Strategies done by companies to promote their products and services have traditionally focused on the functional or utilitarian attributes of product or services. However, the increasing competition within markets makes it difficult for firms to differentiate their products and services on the basis of functional attributes alone. Hence, companies are exerting efforts to improve on the promotional strategies to survive the current stiff competition. Overall, this study reflects the initial choices faced by the one drafting the survey questionnaire. These choices made have impacted on the final output of the survey as well as in the generalizations generated from the analysis and validation of the survey data. Lessons were learned in terms of accuracy and time management. It was found that commitment is critical in the conduct of a marketing survey. References Fowler, F, 2002, “Survey Research Methods”, (3rd ed.), CA: Sage Publications. Houtkoop-Steenstra, H, 2000, “Interaction and the Standardized Survey Interview: The Living Questionnaire”, New York: Cambridge University Press. Kalton, Graham, 2006, “Introduction to Survey Sampling (Quantitative Applications in the Social Sciences)”, Sage Publications, Inc. Kotler, P, Armstrong, G, Saunders, J and Wong, V, 2000, “Principles of Marketing”, (2nd European ed.), New Jersey: Prentice Hall. Lam, T, 2003, “Leader-Member Exchange and Team-Member Exchange: The Roles of Moderators in New Employees’ Socialization”, Journal of Hospitality & Tourism Research, vol. 27, no. 1, pp.48-68. Leedy, PD, 2001, “Practical Research: Planning and Design”, (7th ed.), Upper Saddle River, NJ: Merrill Prentice Hall. Phau, I and Lau, KC, 2000, “Conceptualising Brand Personality: A Review and Research Propositions”, Journal of Targeting, Measurement and Analysis for Marketing, vol. 9, no. 1, p. 52. “Powerful tool for creating web surveys. Online survey software made easy!”, SurveyMoney.com. http://www.surveymonkey.com/MySurveys.asp?Rnd=0.9217951. Schiffman, LG and Kanuk, LL, 2000, Consumer Behaviour (7th ed.), New Jersey: Prentice Hall. Wong, JK and Teas, RK, 2001, “A Test of the Stability of Retail Store Image Mapping Base on Multienity Scaling Data”, Journal Retailing and Consumer Service, vol. 8, pp. 61-70. ANNEX Annex 1: The Interview Questionnaire Developed Online Table 1. Survey Questionnaire Devised Online (Source: “Powerful tool for creating web surveys. Online survey software made easy!”, SurveyMoney.com. http://www.surveymonkey.com/MySurveys.asp?Rnd=0.9217951). 1. AAA Events Ltd AAA Events Limited -is company based in Ealing area which plans & organises traditional weddings and private parties. AIM of the company is to MEET AND EXCEED CUSTOMERS EXPECTATIONS, NO MATTER WHAT THE SIZE OR BUDGET FOR THE PARTY OR THE EVENT IS. Your provided information will be used to analyse people’s needs and opinion in order to provide our consumers with the best possible services. It will remain confidential and anonymous. Top of Form Bottom of Form 1. Could you please tell us if you hired an event company in the past 3 years? Yes No 2. Could you please tell us if you have heard about any event companies in Ealing? Please tick either: Yes No 3. Are you aware of any event companies in London (including Ealing) which organise: - Weddings? - Traditional Weddings? - Private parties? - Corporate parties? - Other Functions? Please tick either. Yes No If you answer YES; please provide the names and/or details of any companies you have heard about 4. If you answered NO to the question 3 please go to the question 5. If you answer YES to Question 3 above; How did you hear about them? Please tick the answers. Saw advertisement in a Newsagents window Internet Search Engine Internet Web Site Wedding Magazine Wedding Related Newspaper Local Newspaper National Newspaper Yellow Pages Heard about the Wedding from a friend Attended a Wedding as a Guest Other Other (please specify) 5. If you decided to hire an event company for a wedding or private party, where would you look for them? Advert in Newsagents Window? The Internet? Use an Internet Search Engine? Articles/Adverts in a Wedding Magazine? Articles/Adverts in a Wedding Related Newspaper? Articles/Adverts in other Magazines? Articles/Adverts in Local Newspapers? Articles/Adverts in National Newspapers? Articles/Adverts in Event Trade Magazines? Yellow Pages/Thompson Guide? Recommendation from a Friend? Personal Experience? (Guest at a Previous Event) Other (please specify) 6.  Very important to you is: (Please indicate which sentiment you agree with most) strongly agree Agree Neither agree nor disagree disagree strongly disagree Your first impression of the Company? Professional Management of the Company? The Company's experience and proficiency? The Company's office facilities? The Company's website design? Glossy or Professional Adverts/Marketing? Cultural Traditions? 2. Would you mind answering some personal questions? If your answer is No please complete questions 7; 8; 9 and 10. If your answer is Yes and you mind answering personal questions please read notes at the bottom of the page. Top of Form Bottom of Form 7. Please tick the age group you match below: 15-25? 26-36? 37-47? 48-58? 59-69? 70-80? 81-91? 92-102? 8.  Your Gender? Male Female 9. Occupation Student Full time worker Part time worker Other (please specify) 10. Nationality 3. Thank you very much for your time and support We wish you nice day. Top of Form Bottom of Form Bottom of Form Bottom of Form Bottom of Form Annex 2: Summary of the Results from the Feedback of the Twenty Respondents Table 2. Summary of Feedbacks from Respondents (Source: “Powerful tool for creating web surveys. Online survey software made easy!”, SurveyMoney.com. http://www.surveymonkey.com/MySurveys.asp?Rnd=0.9217951). 1. Could you please tell us if you hired an event company in the past 3 years? Response Percent Response Total Yes 45% 9 No 55% 11 Total Respondents 20 2. Could you please tell us if you have heard about any event companies in Ealing? Please tick either: Response Percent Response Total Yes 55% 11 No 45% 9 Total Respondents 20 (skipped this question) 0 3. Are you aware of any event companies in London (including Ealing) which organise: - Weddings? - Traditional Weddings? - Private parties? - Corporate parties? - Other Functions? Please tick either. Response Percent Response Total Yes 75% 15 No 25% 5 If you answer YES; please provide the names and/or details of any companies you have heard about 75% 15 Total Respondents 20 4. If you answered NO to the question 3 please go to the question 5. If you answer YES to Question 3 above; How did you hear about them? Please tick the answers. Response Percent Response Total Yes 45% 9 No 55% 11 Total Respondents 20 Saw advert in a Newsagents window 26.7% 4 Internet Search Engine 0% 0 Internet Web Site 33.3% 5 Wedding Magazine 20% 3 Wedding Related Newspaper 6.7% 1 Local Newspaper 0% 0 National Newspaper 6.7% 1 Yellow Pages 0% 0 Heard about the Wedding from a friend 46.7% 7 Attended a Wedding as a Guest 13.3% 2 Other 0% 0 Other (please specify) 0% 0 Total Respondents 15 5. If you decided to hire an event company for a wedding or private party, where would you look for them? Advertise in Newsagents Window? 15% 3 The Internet? 40% 8 Use an Internet Search Engine? 70% 14 Articles/Adverts in a Wedding Magazine? 55% 11 Articles/Adverts in a Wedding Related Newspaper? 50% 10 Articles/Adverts in other Magazines? 40% 8 Articles/Adverts in Local Newspapers? 35% 7 Articles/Adverts in National Newspapers? 35% 7 Articles/Adverts in Event Trade Magazines? 30% 6 Yellow Pages/Thompson Guide? 25% 5 Recommendation from a Friend? 60% 12 Personal Experience? (Guest at a Previous Event) 20% 4 Other (please specify) 60% 12 Total Respondents 20 6. Very important to you is: (Please indicate which sentiment you agree with most) strongly agree Agree Neither agree nor disagree disagree strongly disagree Response Average Your first impression of the Company? 55% (11) 45% (9) 0% (0) 0% (0) 0% (0) 1.45 Professional Management of the Company? 95% (18) 5% (1) 0% (0) 0% (0) 0% (0) 1.05 The Company's experience and proficiency? 90% (18) 10% (2) 0% (0) 0% (0) 0% (0) 1.10 The Company's office facilities? 15% (3) 70% (14) 0% (0) 15% (3) 0% (0) 2.15 The Company's website design? 75% (15) 20% (4) 0% (0) 5% (1) 0% (0) 1.35 Glossy or Professional Advertisement/Marketing? 100% (20) 0% (0) 0% (0) 0% (0) 0% (0) 1.00 Cultural Traditions? 100% (20) 0% (0) 0% (0) 0% (0) 0% (0) 1.00 Total Respondents 20 7. Would you mind answering some personal questions? Firstly; Your Age, please tick the age group you match below: 15-25? 5.3% 3 26-36? 52.6% 8 37-47? 21.1% 14 48-58? 10.5% 11 59-69? 10.5% 10 70-80? 0.0% 10 81-91? 0.0% 10 92-102? 0.0% 10 8. Secondly; Your Gender? Male? 5.3% 3 Female? 52.6% 8 Total Respondents 18 9. Occupation Response % Response Total Student 5.3% 1 Full time worker 84.2% 16 Part time worker? 5.3% 1 Other (please specify) Total Respondents 18 10. Nationality Total Respondents 20(skipped this question) 0 Read More